German insurer Allianz Group will buy out the remaining stake in LV= General Insurance that it does not already own, and will acquire Legal & General Group PLC's general insurance business. Allianz has agreed to acquire Liverpool Victoria Friendly Society Ltd.'s remaining 30.1% stake in LV= General Insurance for up to £365 million, and will also buy 100% of Legal & General Insurance Ltd. for £242 million.
The U.S. House passed a two-week extension of the National Flood Insurance Program through June 14, Bloomberg News reported. The bill was passed with a fast-track procedure used when members are on recess. The Senate has already approved an extension.
Aon PLC is anticipating economic losses of more than $1 billion following severe thunderstorms and flooding in the central and eastern U.S. during the May 24-30 period, Reinsurance News reported. Insurers and reinsurers are likely on the hook for most of the wind and hail-related damage.
Child enrollment in Medicaid and the Children's Health Insurance Program dropped by 828,129 children in 2018, the highest year-over-year decline in enrollment since at least 2000, according to a new study from Georgetown University's Center for Children and Families.
National Union Fire, an affiliate of American International Group Inc., has decided not to renew a quota share deal with Florida Specialty that is expiring soon, The Insurance Insider reported. The Insider also wrote that AIG has cut all of its global mining liability business, except for a small amount of risk in the U.S., due to deteriorating loss ratios in the segment.
Dutch insurer NN Group NV and its asset manager NN Investment Partners Holdings NV outlined plans to restrict investments in companies with exposure to thermal coal, in line with the Paris Agreement on climate change, with a goal of generally phasing out coal investments within 10 years.
Aspen Re named Christian Dunleavy chief underwriting officer, effective May 30. Dunleavy succeeds Emil Issavi, who is leaving the company to join as a senior executive of Ryan Specialty Group LLC, RSG Underwriting Managers LLC and Ryan Re Underwriting Managers LLC. Additionally, Aspen Re's current managing director, London and global head of specialty, Peter Emblin, will become senior managing director at the company.
Rwanda-based Bank of Kigali is in discussions to acquire local insurer Sonarwa SA. CFO Nathalie Mpaka told Reuters that a proposal could be presented to the bank's board by August.
Johannesburg-based asset management company African Rainbow Capital Proprietary Ltd. is launching an insurance company that will offer life insurance, investments and retirement products, Business Day reported. African Rainbow Capital is partnering up with Sanlam Life Insurance Ltd. to launch its new subsidiary.
Now featured on S&P Global Market Intelligence
US measles cases highest since 1992; Jiangsu Hengrui's PD-1 drug gets China nod: U.S. measles cases reached 971 for the first five months of 2019, the highest since 1992; and Jiangsu Hengrui received approval from China's National Medical Products Administration to market cancer drug camrelizumab to certain blood cancer patients.
In other parts of the world
Asia-Pacific: IDBI Bank's Q4 net loss narrows YOY; Fitch lowers Canara Bank ratings
Europe: Metro Bank probes launched; Commerzbank faces fine; VTB, Alpha Bank profits down
Middle East & Africa: Bank of Kigali in talks to buy insurer; Standard Bank climate risk plan rejected
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 0.79% to 26,901.09, and the Nikkei 225 fell 1.63% to 20,601.19.
In Europe, around midday, the FTSE 100 was down 0.92% to 7,151.63, and the Euronext 100 was down 1.58% to 1,014.46.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
On the macro front
The personal income and outlays report, the Chicago PMI, the consumer sentiment report, the farm prices report and the Baker-Hughes Rig Count report are due out today.
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